The Wurst’s in-house financial advisor Rupert Goldbumm says that while many people earning an average or below-average salary in Luxembourg fear they’ll never be able to afford a home, if you act prudently and follow some simple strategies, you too can become a homeowner.
Scratch your way in
Winning the top prize of a lottery scratch ticket provides a clear path to being able to buy a home in Luxembourg. Jackpots go as high as a hundred thousand euros, so you’d only need to win fifteen to twenty of these prizes to have enough money.
Use the power of technology
Not only are new technologies exciting, if you invent and patent one, they’re also very valuable. Most people have heard of next-gen tech like 5G and self-driving cars, so why not invent 6G and self-driving airplanes? You could sell your idea and use the money to buy a flat in Limpertsberg.
Build on relationships
Since the dawn of humanity, people unhappy with their financial standing have used social networks to climb their way out of despair. Today, with so many dating apps available, it’s easy to meet someone with a lot more money than you, spend a few years forging a solid relationship, get married, and buy a home together using mostly their money.
Become a rolling stone
There are plenty of abandoned homes in Luxembourg, and who says you can’t just move in? Okay, so legally you can’t, but it’s going to take authorities a lot of time and effort to kick you out, and when they do, you can just squat in another place. In a few years, you might end up in a building that, due to some unforeseen legal grey area or future legislation, will end up being transferred to you.
Borrow money from a bank
Luxembourg is full of banks, many of which will lend you money to buy a home. Imagine you borrow €1.2 million for a standard 3-bedroom house. With a 1.5 percent interest rate, this means you’d only have to pay back 4100 euros per month for the next 30 years – feasible as long as you cut down on frivolous expenses like food and clothes. If you find a bank willing to give you a 75-year loan, your monthly payments will drop to around 2000 euros – virtually nothing!